Posts tagged with: "estate+planning"
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19 Aug 2011, 9:00 am
If you are giving a large gift, you need to be aware that the IRS is watching. Accordingly, you need to secure good tax and legal advice before making large gifts. Often, the answers are simple. However, the consequences for errors in gifting can be significant. [read post]
25 Dec 2011, 4:43 pm
A larger share of people's savings is winding up in IRAs—even as estate-tax rules are getting trickier and the markets are growing more volatile. All of this is making life more complicated for widows and widowers, and could cause them to make significant mistakes with their money. [read post]
6 Mar 2013, 8:00 am
Estate planning is more than creating a tool chest for wealth transfers. There must be careful coordination between many moving parts. For example, if you fail to mind the details of your insurance planning, then your estate planning tools may do more harm than good. [read post]
21 Aug 2012, 10:57 am
Gift Taxes and Estate Planning Individuals can give tax-free gifts to an unlimited number of people each year, as long as the value of each of those gifts does not exceed a certain limit. Additionally, spouses are each personally entitled to give gifts up to the tax-free limit, even if they give gifts to the [...] [read post]
22 Sep 2011, 1:00 pm
Deciding how to leave your assets to your kids is tricky enough. If your adult child has a chronic disability, the task is much more complicated. Estate planning is never easy, if only because it means thinking about protecting your loved ones when you’re no longer around. It’s bad enough making plans to protect self-sufficient heirs who take care of themselves and an inheritance. However, it can be a real challenge when planning for heirs with special needs for a variety of personal and legal… [read post]
22 Feb 2011, 9:00 am
Americans hold nearly $4.2 trillion in traditional IRAs. That money has yet to be taxed, so it’s no wonder that the government requires you to take your money out and start paying taxes on it. Required Minimum Distributions generally apply once you turn 70-1/2 years old. The required distribution amount is determined by a formula based on your account balance and your age (check out the calculator from Kiplinger on at the previous link. And yes, your IRA balances ARE included in your estate for… [read post]
29 Mar 2012, 8:06 am
If you are savvy enough to be online reading this blog, you most likely have a Facebook profile. Also, you are probably wondering what on earth Facebook has to do with probate. In most states, the answer to that question is still "nothing," but that is no longer the case in Oklahoma. In 2010, Oklahoma legislators passed a law that gives executors (called Personal Representatives in Florida) control over accounts on social media sites like Facebook and Twitter that were registered to the decedent.… [read post]
27 May 2011, 12:02 pm
If you were counting on tapping the equity in your home to help finance your retirement, you may have reason to worry. A recent issue of SmartMoney points out, “With home prices falling for nearly five years, many American must consider what to do with their homes should prices continue to collapse and the equity in their homes, if they are still lucky enough to have any, disappears completely.” [read post]
5 Mar 2012, 11:42 am
IDGTs and GRATs (along with many other income, gift and estate planning strategies) came under attack in the Obama Administration’s Fiscal Year 2013 Revenue Proposals (the “Green Book”) which, if enacted into law, could essentially eliminate the use of IDGTs and greatly reduce the effectiveness and flexibility of GRATs. This latest, although not totally unexpected, development prompts me to continue to passionately stress that there may never be a better time to engage in sophisticated estate… [read post]
1 Jun 2012, 11:40 am
Here’s a chart designed to give you a quick overview of the 2012 tax changes that are most likely to affect the average person.Let us know if you have any questions. Charts showing more detail on Income Taxes (Chart A) and the Saver’s Tax Credit (Chart B) follow the main chart.Author: Alerian Hallwww.insightlawfirm.comEstate Planning AttorneyWill LawyerTrusts AttorneyProbate AttorneyTax AttorneyTax LawyerBankruptcy Attorney [read post]
26 Nov 2010, 1:01 pm
Scott R. Zucker (attorney licensed in Virginia, Maryland and Pennsylvania) astutely observed that recent posts and articles on Forbes.com have been discussing estate planning fees. Zucker continues this conversation in his recent post, Estate Planning Fees: The 6 Levels of Service (Thoughts on Wills & Estate Planning, 11/24/2010). Zucker sets out 6 levels of estate planning service and the fees people can expect to pay at each level. The following table provides a summary. Level Estimated Fee*… [read post]
14 Jun 2012, 9:58 am
(Guardian Advocacy Series - Part Three) Guardian advocacy is a special form of guardianship for individuals with developmental disabilities. Like other forms of guardianship, guardian advocacy involves the court appointing one or more individuals ("guardian advocates") to help take care of the person with a developmental disability (the "ward"). Florida law does not specify when a guardian advocacy may be established. However, most of the guardian advocacies that we set up are for developmentally… [read post]
2 Nov 2010, 1:16 pm
The election spawns a lot of speculation on poll results, etc., so its probably time I throw some numbers out there. If you are single, the odds are 50 percent that you will need long-term care. If you are age 65 and married, the odds are 75 percent that you or your spouse will need long-term care. These statistics reveal that most people will be faced with long-term nursing home care issues and challenges at some point in their lives – whether for themselves or a loved one. [read post]
15 Feb 2011, 9:15 am
One of the most popular estate planning tools is the family limited partnership. It allows a family to divide up family assets, while allowing Mom and Dad to maintain control. It allows a family to shift income from high tax bracket individuals to lower tax bracket individuals. It is a great asset protection tool. There are many family limited partnership estate planning strategies.
Family Limited Partnership Estate Planning Strategy 1: Division of Family Assets
Families with large pieces of… [read post]
10 Jan 2012, 4:51 am
It is a common misconception that estate planning is only necessary for the wealthy or those with a spouse and children. However, all individuals, no matter what their financial situation may be, can benefit from preparing for the future with estate planning tools, too. An estate plan includes more than creating a Will or trust [...]Young, Single, Childless and Broke? You Still Need an Estate Plan is a post from: Epilawg [read post]
13 Jul 2011, 9:00 am
As of July 1, it’s official: Ohio has repealed its state estate tax, as reported through Forbes. Of course, it’s not quite dead yet as the estate tax provision of the new law doesn’t go into effect until Jan 1, 2013. Once it kicks in, though, the Ohio estate tax repeal is meant to be permanent. [read post]
16 Aug 2012, 4:28 pm
Thomas Kinkade’s estate is being contested The importance of having a Last Will and Testament or more commonly referred to as a Will, cannot be overstated. A simple Will is a document that has great importance to wealthy persons as well as those with not much to leave behind. Generally, a Will is used as [...] [read post]
15 Mar 2010, 6:20 am
A GRAT is a tax-efficient vehicle for transferring wealth to your family, but the benefits are lost if you don’t survive the trust term. An innovative new technique, the guaranteed GRAT, is designed to eliminate this “mortality risk.” Guaranteed GRATs have considerable appeal, but they have not yet been allowed by the IRS or the courts. [read post]
15 Jan 2010, 5:36 pm
Utah Trust Attorney
A trust is a legal relationship in which property is transferred from one party, the trustor, to a trustee. The trustee holds the property the beneficiaries, who ultimately reap the benefit from the creation of the trust.
Generally speaking there are two kinds of trusts:
Testamentary Trusts are incorporated directly into a will and are subject to probate.
Living Trusts take effect while the trustor is still alive. Living trusts are not bound by probate, giving them a distinct… [read post]
13 Jul 2011, 9:00 am
As of July 1, it’s official: Ohio has repealed its state estate tax, as reported through Forbes. Of course, it’s not quite dead yet as the estate tax provision of the new law doesn’t go into effect until Jan 1, 2013. Once it kicks in, though, the Ohio estate tax repeal is meant to be permanent. [read post]